Biggest annual growth for Spanish economy since 2007
It has been reported over the last year that Spain’s economy is one of the fastest growing in Europe at this current time. It is even growing at a faster rate than Germany, although there is much more to be made up since much more was destroyed in the economic crisis.
Nevertheless, 2015 closed at the end of December with the Spanish economy growing at its highest rate in the last eight years since 2007.
According to data published by the National Statistics Institute, Spain’s Gross Domestic Product went up by 3.2% throughout the course of the year.
This figure coincides with the estimate given by the Bank of Spain for the year, but is slightly less than that forecast by the Government of 3.3%.
The broken-down figures have revealed that during the last two quarters of the year, Spain’s economy advanced 0.8%, but, in fact, this was a lesser rate than by how much it grew during the first two quarters.
This now means that the GDP has spent ten consecutive months in positive growth, and two consecutive years of annual growth since the start of the economic crisis at the end of 2007.
In 2011, the economy shrank by 1.0% and fell even further the following year, by 2.6%. In 2013, the decline was slightly less at -1.7%, and it wasn’t until 2014 that we saw positive figures for the first time in seven years when the economy grew 1.4%. And finally, a year later, Spain’s economy more than doubled, with the 3.2% that has just been reported.
Despite the current political instability in Spain, the forecast for this year is still positive. The IMF has predicted that our economy will grow 2.7% this year, a figure that coincides with other economic bodies. Spain’s economy will also continue to be one of the fastest growing amongst the main economies in Europe.